TBO Tek reported a strong financial performance for the quarter and fiscal year ended March 31, 2026, with revenue from operations rising 83% year-on-year to ₹814 Cr. The company delivered an Adjusted EBITDA of ₹111 Cr for the quarter, an increase of 40% from the previous year, while Gross Transaction Value (GTV) reached ₹10,079 Cr, up 29% YoY. The results demonstrate structural resilience across India, APAC, Europe, North America, and Latin America despite geopolitical headwinds. The audio recording of the Investor Earnings Conference Call held on May 29, 2026, has been uploaded to the company's website.

Consolidated Financial Performance for Q4 FY26

The company's growth was driven primarily by a 90% YoY increase in revenue from the Hotels + Ancillaries segment. For the full fiscal year, GTV reached ₹36,809 Cr, up 19% YoY, while Adjusted EBITDA stood at ₹414 Cr, a 26% increase. TBO Tek closed the year with cash and cash equivalents, including bank balance and liquid investments, of ₹1,592 Cr.

Business Updates and Outlook

The Hotels + Ancillary segment showed broad-based strength, with Europe, APAC, and MEA markets growing 22%, 46%, and 22% YoY respectively on a full-year basis. The India business demonstrated a trend reversal with H2 growth of 12% YoY. The company noted that the integration of Classic Vacations, spanning platform, supply, commercial, and talent, is on track for completion by the end of Q3 FY27.

Regional Performance

According to the investor presentation dated June 02, 2026, TBO Tek is among the top four global B2B travel distributors. The regional share of the Hotels & Ancillaries segment GTV for Q4 FY26 was led by Europe at 37%, followed by North America at 21% and Africa at 18%. North America recorded the highest YoY growth rate of 256%, while APAC grew 73%.

Management Commentary

Mr. Ankush Nijhawan, Co-founder and Joint MD, stated that FY26 acted as a stress test for the business model, with the platform showing resilience in both growth and profitability despite geopolitical disruptions. Mr. Gaurav Bhatnagar, Co-founder and Joint MD, highlighted a significant investment cycle in commercial expansion and organizational scale, noting that SG&A expenses began moderating as investments matured, with Gross Profit growth outpacing cost growth in January and February.

During the earnings conference call, management addressed the impact of geopolitical tensions, particularly in the Middle East and Israel. Mr. Bhatnagar noted that while these markets were severely impacted, the company still demonstrated growth. He highlighted that recovery in business corresponding to changing circumstances has been sharp, with a sharp uptick observed during the ceasefire announcement in April. The company expects Q1 to be better than Q4 and the same period last year, driven by recovery in markets not directly impacted by the war.

Regarding the Classic Vacations acquisition, management stated that the integration process is well underway, with completion expected by the end of Q3 FY27. The company is integrating across platforms, supply, and demand channels. On the AI front, Mr. Bhatnagar mentioned the launch of 'Voya', an AI-first tool designed to help travel advisors access ultra-luxury supply and create complex itineraries.

Board Approvals and Disclosures

The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, based on the recommendation of the Audit Committee. M/s. S.R. Batliboi & Co. LLP, the statutory auditors, issued an unmodified opinion on the results. The Board also approved the re-appointment of Mr. Ravindra Dhariwal, Mr. Rahul Bhatnagar, and Ms. Anuranjita Kumar as Non-Executive Independent Directors for a second term, subject to shareholder approval. Additionally, M/s. Grant Thornton Bharat LLP was appointed as the internal auditor for FY 2026-27.

TBO Tek continues to draw a positive assessment from Goldman Sachs, which has maintained its Buy rating on the stock while revising its target price to ₹1,730 from ₹1,800. The marginal reduction in the target price reflects acknowledgment of near-term headwinds, though the brokerage's overall stance on the company remains firmly constructive.

Goldman Sachs Reaffirms Positive Stance

Goldman Sachs highlighted TBO Tek's resilient business model as a primary factor supporting the Buy recommendation. Despite near-term challenges, the brokerage noted that the company's underlying strengths are sufficient to offset these pressures. A constructive management outlook and limited change to medium-term growth prospects further reinforced the positive view.

The key details of Goldman Sachs' revised assessment are summarised below:

FY27 Growth Expectations

Looking at the financial growth projections outlined by Goldman Sachs, the brokerage expects TBO Tek to deliver meaningful expansion across key profitability metrics in FY27. The anticipated growth figures reflect confidence in the company's ability to scale its operations effectively.

The expectation of 28% adjusted EBITDA growth in FY27 is particularly notable, indicating anticipated improvement in operational efficiency alongside top-line expansion. The 17% gross profit growth projection further supports the view that TBO Tek's core business fundamentals remain intact despite the near-term headwinds acknowledged by the brokerage.

Key Takeaways

• Goldman Sachs maintains Buy rating on TBO Tek
• Target price revised to ₹1,730 from ₹1,800
• Near-term headwinds acknowledged but offset by resilient business model
• Management outlook described as constructive
• Medium-term growth prospects see limited change
• FY27 gross profit growth expected at 17%
• FY27 adjusted EBITDA growth expected at 28%

Overall, Goldman Sachs' revised note on TBO Tek reflects a balanced perspective—acknowledging short-term pressures while maintaining a positive long-term view backed by strong projected growth metrics for FY27.